Federal Register / Vol. 71, No. 183 / Thursday, September 21, 2006 / Notices 55229 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The Commission has modified the text of the 

summaries prepared by Amex. 

4Securities Exchange Act Release No. 35798 

(June 1, 1995) 60 FR 30909 (June 12, 1995) [File No. 

SR–Amex–95–17]. 

5 15 U.S.C. 78q–1. 

6Securities Exchange Act Release No. 45987 (May 

28, 2002), 67 FR 38538 (June 4, 2002) (SR–NYSE–

2001–30). 

7Securities Exchange Act Release No. 54290 

(August 8, 2006), 71 FR 47262 (August 16, 2006) 

(SR–Amex–2006–40). 

8Rule 776 requires Amex members to use the 

facilities of a security depository for the book-entry 

settlement of all transactions in depository-eligible 

securities with another financial intermediary or 

institutional customer. Securities Exchange Act 

Release No. 32455 (June 11, 1993), 58 FR 33679 

(June 18, 1993) [File Nos. SR–Amex–93–07; SR–

BSE–93–08; SR–MSE–93–03; SR–NASD–93–11; 

SR–NYSE–93–13; SR–PSE–93–04; and SR–PHLX–

93–09]. 

recommend Subadvisers to manage all 

or a part of the Fund’s assets, (c) when 

appropriate, allocate and reallocate the 

Fund’s assets among multiple 

Subadvisers; (d) monitor and evaluate 

the performance of Subadvisers, and (e) 

implement procedures reasonably 

designed to ensure that the Subadvisers 

comply with each Fund’s investment 

objective, policies and restrictions. 

8. No trustee or officer of the 

Companies, or director or officer of the 

Adviser, will own directly or indirectly 

(other than through a pooled investment 

vehicle that is not controlled by such 

person), any interest in a Subadviser, 

except for: (a) Ownership of interests in 

the Adviser or any entity that controls, 

is controlled by, or is under common 

control with the Adviser, or (b) 

ownership of less than 1% of the 

outstanding securities of any class of 

equity or debt of a publicly traded 

company that is either a Subadviser or 

an entity that controls, is controlled by, 

or is under common control with a 

Subadviser. 

9. The requested order will expire on 

the effective date of rule 15a–5 under 

the Act, if adopted. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Lynn Taylor, 

Assistant Secretary. 

[FR Doc. 06–7897 Filed 9–20–06; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Release No. 34–54442; File No. SR–Amex–

2006–80] 

Self-Regulatory Organizations; 

American Stock Exchange LLC; Notice 

of Filing of Proposed Rule Change To 

Amend Rule 777 Regarding Depository 

Eligibility 

September 14, 2006. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’)1 and Rule 19b–4 thereunder,2

notice is hereby given that on August 

21, 2006, the American Stock Exchange 

LLC (‘‘Amex’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change described in Items I, II, and III 

below, which items have been prepared 

primarily by Amex. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested parties. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The proposed rule change seeks to 

amend Amex Rule 777 by deleting the 

references to ‘‘domestic’’ and ‘‘foreign’’

in paragraph (a) as well as additional 

requirements imposed by paragraph (b) 

of the rule in order for a security to be 

depository eligible. The proposed rule 

also seeks to add new sections 136 and 

137 to the Amex Company Guide to 

cross-reference Rules 776 and 777. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

Amex included statements concerning 

the purpose of and basis for the 

proposed rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. Amex has prepared 

summaries, set forth in sections (A), (B), 

and (C) below, of the most significant 

aspects of these statements.3

(A) Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

On June 1, 1995, Amex adopted Rule 

777 for the purpose of facilitating 

implementation of Rule 15c6–1 of the 

Act that established a three-day 

settlement period for most securities 

transactions.4 Rule 777 requires 

domestic issuers’ securities be 

depository eligible prior to listing and 

sets forth specific requirements for 

issuers’ depository eligibility. 

Currently, before an issue of securities 

can be listed, Rule 777(a) requires a 

domestic issuer to represent to Amex 

that a CUSIP number identifying the 

securities had been included in the file 

of eligible issues maintained by a 

securities depository registered with the 

Commission as a clearing agency under 

section 17A of the Act.5 Amex proposes 

to delete the exception for foreign 

issuers in Rule 777(a). Exclusion of 

foreign issuers is no longer necessary 

because they have the capacity to 

comply with Rule 777 and have been 

doing so voluntarily for years. The 

proposed rule change is consistent with 

clarifying changes adopted by NYSE.6

Amex also proposes to delete the 

exception in Rule 777(a) for securities 

whose terms cannot be reasonably 

modified to meet the criteria for 

depository eligibility at all securities 

depositories. The exception was 

originally included in Rule 777(a) 

because various States and countries 

precluded the book-entry issuance of 

securities. Following implementation of 

Rule 777(a), however, States have 

amended their corporate statutes to 

allow for book-entry issuance and, as 

mentioned above, foreign issuers have 

voluntarily complied with book-entry 

issuance requirements. As a result, the 

expectation is no longer needed to 

accommodate such issuers. Further, in 

light of the direct registration eligibility 

requirements recently approved by the 

Commission 7 that require new and 

current listings on the Amex to be 

eligible for a direct registration system 

operated by a securities depository, 

Amex is concerned that the exception 

will confuse issuers. 

Rule 777(b) currently sets forth 

additional requirements that must be 

met before a security will be deemed 

‘‘depository eligible’’ within the 

meaning of Rule 776.8 The applicability 

of the requirement set forth in Rule 

777(b) to an issuer depended upon 

whether a new issue is distributed by an 

underwriting syndicate before or after 

the date an electronic securities 

depository system is available for 

monitoring repurchases of the 

distributed shares by syndicate 

members. Prior to the availability of 

such a system, a managing underwriter 

may delay the date a security is deemed 

depository eligible for up to three 

months after commencement of trading 

on Amex. 

On May 13, 1996, approximately one 

year after the approval of Rule 777, the 

Commission approved a rule change 

filed by The Depository Trust Company 


jlentini on PROD1PC65 with NOTICES
55230 Federal Register / Vol. 71, No. 183 / Thursday, September 21, 2006 / Notices 

9 DTC is a securities depository registered with 

the Commission under section 17A and 19 of the 

Act as a clearing agency. 

10Securities Exchange Act Release No. 37208 

(May 13, 1996), 61 FR 25253 (May 20, 1996) [File 

No. SR–DTC–95–27]. 

11Supra, note 5. 

12 15 U.S.C. 78f(b)(5) and 78q–1. 

13 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 54351 

(August 23, 2006), 71 FR 51245, as corrected by 71 

FR 53492 (September 11, 2006). 

4The Fund will be formed as a Delaware statutory 

trust pursuant to a Certificate of Trust and a 

Declaration of Trust and Trust Agreement among 

Wilmington Trust Company, as trustee, the DB 

Commodity Services LLC as managing owner, and 

the holders of the Shares. The Exchange states that 

the Fund will not be subject to registration and 

regulation under the Investment Company Act of 

1940 (‘‘1940 Act’’). 

(‘‘DTC’’)9 allowing DTC to implement 

its Initial Public Offering (‘‘IPO’’) 

Tracking System.10 The IPO Tracking 

System enables lead managers and 

syndicate members of equity 

underwritings to monitor repurchases of 

distributed shares in an automated 

book-entry environment. 

Amex proposes deleting Rule 777(b) 

in its entirety as it is no longer relevant 

since DTC has implemented its IPO 

Tracking System, which is monitoring 

repurchases of distributed shares. The 

proposed rule change is consistent with 

clarifying changes adopted by NYSE.11

Finally, Amex proposes crossreferencing rules 776 and 777 in Part 1 

of the Amex Company Guide to clarify 

that Rules 776 and 777 are initial and 

continued listing standards applicable 

to companies listed on Amex. 

Amex believes the proposed rule 

change is consistent with the 

requirements of Sections 6(b)(5) and 

17A of the Act 12 and the rules and 

regulations thereunder requiring the 

rules of Amex be designed to remove 

impediments to and perfect the 

mechanism of a free and open market 

and to perfect a national market system 

which provides, among other things, for 

the prompt and accurate clearance and 

settlement of securities transactions. 

(B) Self-Regulatory Organization’s 

Statement on Burden on Competition 

Amex does not believe that the 

proposed rule change will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within thirty-five days of the date of 

publication of this notice in the Federal 

Register or within such longer period: 

(i) As the Commission may designate up 

to ninety days of such date if it finds 

such longer period to be appropriate 

and publishes its reasons for so finding; 

or (ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve such proposed 

rule change or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml) or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR-Amex-2006–80 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–Amex–2006–80. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for inspection and copying in 

the Commission’s Public Reference 

Section, 100 F Street, NE., Washington, 

DC 20549. Copies of such filings also 

will be available for inspection and 

copying at the principal office of Amex 

and on Amex’s Web site at 

www.amex.com. All comments received 

will be posted without change; the 

Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–Amex–

2006–80 and should be submitted on or 

before October 12, 2006. 

For the Commission by the Division of 

Market Regulation, pursuant to delegated 

authority.13

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 06–7840 Filed 9–20–06; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–54450; File No. SR–Amex–

2006–44] 

Self-Regulatory Organizations; 

American Stock Exchange LLC; Order 

Granting Accelerated Approval of a 

Proposed Rule Change and 

Amendments No. 1 and 2 Thereto 

Relating to the Listing and Trading of 

the DB Currency Index Value Fund 

September 14, 2006. 

I. Introduction 

On May 2, 2006, the American Stock 

Exchange LLC (‘‘Amex’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to list and trade the DB Currency 

Index Value Fund under Commentary 

.07 to Amex Rule 1202. On July 31, 

2006, Amex filed Amendment No. 1 to 

the proposed rule change. On August 

18, 2006, Amex filed Amendment No. 2 

to the proposed rule change. The 

proposed rule change, as amended, was 

published for comment in the Federal 

Register on August 29, 2006 for a 15-day 

comment period, which ended on 

September 13, 2006.3 The Commission 

received no comments on the proposal. 

This order grants accelerated approval 

of the proposed rule change, as 

amended. 

II. Description of the Proposal 

The Exchange seeks to list and trade 

shares (‘‘Shares’’) of the DB Currency 

Index Value Fund (‘‘Trust’’ or ‘‘Fund’’).4


jlentini on PROD1PC65 with NOTICES